LONDON, UNITED KINGDOM -- (Marketwired) -- 08/13/13 -- Orsu Metals Corporation ("Orsu" or the "Company" or the "Group"), the dual listed (TSX: OSU)(AIM: OSU) London-based base and precious metals exploration and development company today reports its unaudited results for the quarter ended June 30, 2013. A full Management's Discussion and Analysis of the results ("MD&A") and Consolidated Financial Statements for the quarter ended June 30, 2013 ("Financials") will soon be available on the Company's profile on SEDAR (www.sedar.com) or on the Company's website (www.orsumetals.com). Copies of the MD&A and Financials can be also be obtained upon request to the Company Secretary.
The Financials have been prepared in accordance with applicable International Financial Reporting Standards ("IFRS").
All amounts are reported in United States Dollars ($) unless otherwise indicated. Canadian Dollars are referred to herein as CAD$ and British Pounds Sterling are referred to as GBP.
The following information has been extracted from the MD&A and the Financials. Reference should be made to the complete text of the MD&A and the Financials.
SECOND QUARTER 2013 HIGHLIGHTS
Extension of East Balkhash 2 Agreement, April 2013 - as part of the objective to acquire new exploration licenses in Kazakhstan, in April 2013 the Company announced that it had entered into a new exclusivity agreement (the "Balkhash Agreement"), superseding the initial agreement announced in November 2012, to jointly explore with Asem Tas-N LLC ("Asem Tas"), a privately owned Kazakh registered company and the owner of the relevant subsoil use contract, a license area of approximately 6,000km2 (referred to herein as the "East Balkhash 2" license area) in Eastern Kazakhstan, which is host to a 30km long Dzharyk-Taisogan cluster of copper-polymetallic occurrences (referred to as the "Balkhash Project"). Under the terms of the Balkhash Agreement, the Company has been granted the exclusive right for a period of 175 days, ending in September 2013, subject to extension by mutual agreement of the parties (the "Exclusivity Period"), to explore and participate in the Balkhash Project (see "Operational Review - Balkhash Project, Kazakhstan").
Appointment of Technical Director, April 2013 - the Company announced that Mr. Christopher Power, previously the Project Manager for the Company's Karchiga Project, had been appointed as Technical Director, replacing Mr. Raymond Oates.
POST QUARTER HIGHLIGHTS
July 2013 - the Company announced that Gold Fields Exploration B.V., a wholly owned subsidiary of Gold Fields Limited ("Gold Fields" or collectively with certain of its subsidiaries, the "Gold Fields Group") completed the subscription for 25 million units of the Company (each a "Unit") at a price of CAD$0.40 per Unit for gross proceeds of CAD$10 million (the "Subscription"), with each Unit consisting of one common Share of the Company (a "Common Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for a period of three years from the date of issue to acquire one Common Share at a price of CAD$0.50. The Company received the formal waiver of the Kazakh Government's pre-emptive right as well as consent from the relevant Kazakh authorities for the issuance and placement of securities pursuant to the Subscription, which satisfied the condition for such completion. (the "Kazakh Formal Waiver"). Accordingly, the Company issued to Gold Fields 25,000,000 Common Shares and 12,500,000 Warrants. Following the issuance the Gold Fields Group hold, in aggregate, 26,134,919 Common Shares, representing a 14.31% interest in the Company.
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